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On Friday, BMO Capital Markets revised its price target for Power Corp of Canada (POW:CN) (OTC: PWCDF), increasing it to Cdn$52.00 from the previous Cdn$49.00, while keeping a Market Perform rating on the stock. The adjustment comes ahead of the company’s fourth-quarter earnings for 2024, which are set to be released on March 19, with a follow-up conference call scheduled for the morning of March 20.
The firm’s analyst, Tom MacKinnon, noted the new target reflects raised expectations for Great-West Lifeco (GWO) and IGM Financial (OTC:IGIFF) (IGM), two subsidiaries of Power Corp, following their respective fourth-quarter results. BMO anticipates an adjusted earnings per share (EPS) of $1.71 for the fourth quarter, a slight increase from the previous forecast of $1.70 and above the consensus estimate of $1.66. This adjustment accounts for a modestly higher contribution from GWO, IGM, and GBLB, despite a negative impact from estimated consolidation adjustments.
BMO also revised its expectations for the company’s future earnings. While incorporating the new estimates, which include the modestly negative impact of consolidation adjustments, the 2025 adjusted EPS forecast was slightly decreased to $5.42 from $5.47, which still surpasses the consensus of $5.27. Additionally, BMO introduced its 2026 adjusted EPS estimate of $5.98 for Power Corp.
The upcoming earnings report and conference call will provide investors with further details on the company’s performance and outlook. The updated price target from BMO suggests a continued stable view of the company’s stock, with the latest financial estimates reflecting both the potential challenges and the recent positive developments within Power Corp’s subsidiary businesses.
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